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[size=36]Minister of Labor exempts borrowers from late payment fines[/size]
Local | 05:31 - 10/24/2024
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Mawazine News - Baghdad
Minister of Labor and Social Affairs Ahmed Al-Asadi decided today, Thursday, to exempt borrowers from late payment fines.
The Minister of Labor confirmed in a statement received by "Mawazine News" that "the goal of the ministry is to employ tens of thousands of young people by granting them soft loans," directing "to review the controls related to imposing late payment fines on borrowers and reduce or exempt them from them to facilitate procedures when reviewing departments related to establishing their own projects."
Al-Asadi directed, during his chairing of a meeting of the Board of Directors of the Small Income-Generating Projects Support Fund today, Thursday, to "support young people in the southern governorates and encourage them to apply for loans and invest them in a manner that suits their environment, and adopt the establishment of new projects for the marshlands areas to raise their living standards," noting "the ministry's readiness to enroll them in training courses that qualify them to establish income-generating projects."
According to the statement, "several topics were discussed during the meeting, including the possibility of including existing projects in the loan and making a single payment for the (20) million category to enable the borrower to start the project, in addition to not closing any project, except with the exclusive approval of the Minister, while the amendment of the repayment periods for the loans was discussed, so that repayment would be over five years for the (20) million loan, 8 years for the (30) million loan, and 12 years for the (50) million dinar loan."
The Minister of Labor confirmed in a statement received by "Mawazine News" that "the goal of the ministry is to employ tens of thousands of young people by granting them soft loans," directing "to review the controls related to imposing late payment fines on borrowers and reduce or exempt them from them to facilitate procedures when reviewing departments related to establishing their own projects."
Al-Asadi directed, during his chairing of a meeting of the Board of Directors of the Small Income-Generating Projects Support Fund today, Thursday, to "support young people in the southern governorates and encourage them to apply for loans and invest them in a manner that suits their environment, and adopt the establishment of new projects for the marshlands areas to raise their living standards," noting "the ministry's readiness to enroll them in training courses that qualify them to establish income-generating projects."
According to the statement, "several topics were discussed during the meeting, including the possibility of including existing projects in the loan and making a single payment for the (20) million category to enable the borrower to start the project, in addition to not closing any project, except with the exclusive approval of the Minister, while the amendment of the repayment periods for the loans was discussed, so that repayment would be over five years for the (20) million loan, 8 years for the (30) million loan, and 12 years for the (50) million dinar loan."
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